The decline is too strong! Coin Security announced to remove luna/usdt, ust/usdt and other spot trading pairs

On May 13, the global cryptocurrency exchange leader coin an officially announced that it would remove the spot transactions of several currencies, including Terra governance token Luna and native stable currency terrausd (UST). As early as the 12th, the exchange has warned that if the price of Luna falls below 0 005 tethers or US $0.005, the exchange will remove the luna/ usdt perpetual contract.
Shortly after the release of the tweet by Qian’an on the 12th, Terra shut down the entire network on the grounds of “preventing potential governance attacks”, and the blockchain stopped blocking, freezing the circulation supply of 34billion Lunas. About two hours later, Terra network was reopened.
The decline is too strong! Coin Security announced to remove luna/usdt, ust/usdt and other spot trading pairs
Luna is the original token of Terra ecosystem. According to the quotation data of coin security, the price of Luna has fallen by more than 99% in the past 24 hours, and fell by 99% for the second consecutive day. As of the time of writing, the quotation was 0 USD 0000012.
The latest development today is that coin Security announced earlier today that it would take off the trading pair of Luna bitcoin, BIDR, AUD, coin security, Ethereum, usdt, sterling, Brazilian lire, Turkish Lira and euro and stop trading.
In addition, for terrausd (UST), coin security also announced that it would remove the transactions of ust bitcoin, Luna, Ethereum, coin security and usdt from the shelves and stop the transactions.
Coin security today also released the adjustment of price change units, that is, the minimum transaction scale. For the minimum transaction scale of the stable currency busd issued by Luna to coin security, it was adjusted from 0.00001 to 0.0000001.
In fact, in the past week, Qian’an has adjusted the price change units several times, including the price change units of several Luna trading pairs on Thursday. These trading pairs include Luna trading pairs against euro, pound, Ethereum and Australian dollar. The reason is that the price of Luna has fallen below the minimum trading scale, which means that traders can’t cash it at all. The Luna transaction value of Qian’an in the past 24 hours reached US $6billion, accounting for about 8% of all transactions on that day.
The price of Luna token has fallen like a free fall for days, and terraform labs, the team behind Terra ecosystem, has considered several ways to save Luna and the native stable currency terrausd (UST), hoping to prevent the dilemma of complete collapse.
Luna relies on the casting and destruction mechanism to assist the UST algorithm to stabilize the currency and maintain its parity with the US dollar. Previously, investors have been able to exchange ust for Luna worth $1, and vice versa.
However, this mechanism collapsed in the past week. With the rapid loss of parity of ust against the US dollar, investors can cash out the ust and exchange it for a Luna worth 1 US dollar. According to the data of coinmarketcap, ust has dropped to as low as $0.29 in the past week, which means that investors who carry out arbitrage transactions can get 70% return after selling Luna, so it triggers Luna selling pressure. In fact, earlier this week, Qian’an stopped the withdrawal of Luna because “the transaction volume waiting for withdrawal is too high.”.